OPEC’s crude oil production witnessed a noticeable uptick in September as compared to August, as per the latest data released in the Monthly Oil Market Report (MOMR) published by the organization.
OPEC Feed Atom
OPEC on Thursday stuck to its forecast for relatively strong growth in global oil demand in 2023 in 2024, citing signs of a resilient world economy so far this year and expected further demand gains in China.
Iran’s Oil Minister Javad Owji on Wednesday said unity between member states of OPEC and OPEC+ alliance has led to producers’ desirable consensus on supply and stability of world market and prices.
Russian President Vladimir Putin said on Wednesday that coordination by the OPEC+ group of leading oil producers would continue to ensure predictability on the oil markets.
Russian President Vladimir Putin hosted Iraqi Prime Minister Mohammed Shia al-Sudani in the Kremlin on Tuesday and praised cooperation between their countries at the OPEC+ group of top oil producers, saying it had helped to stabilise energy markets.
OPEC raised its world oil demand forecasts for the medium and long term in an annual outlook, and said $14 trillion of investment is needed to meet this demand even as renewable fuel use grows and more electric cars take to the road.
An OPEC+ ministerial panel that met on Wednesday made no changes to the group's oil output policy, after Saudi Arabia and Russia said they would keep voluntary supply cuts in place to support the market.
OPEC oil output rose for a second straight month in September, a Reuters survey found on Monday, led by increases in Nigeria and Iran despite ongoing cuts by Saudi Arabia and other members of the wider OPEC+ alliance to support the market.
OPEC+ is unlikely to tweak its current oil output policy when a panel meets next Wednesday, four OPEC+ sources told Reuters, as tighter supplies and rising demand drive an oil price rally.
The OPEC+ group of leading oil producers will act if the global oil market faces a shortage, Alexander Dyukov, head of Russian oil firm Gazprom Neft, said on Wednesday.
On the International Energy Agency’s recent Op-Ed published on 12 September 2023, asserting that fossil fuel demand would peak before 2030, OPEC notes that consistent and data-based forecasts do not support this assertion.
The Organization of the Petroleum Exporting Countries (OPEC) today turned 63.
The Monthly Oil Market Report (MOMR) of the Organization of the Petroleum Exporting Countries (OPEC) showed that Iran has regained its position as the third-largest crude oil producer in August.
Oil rebounded on Thursday, with Brent crude topping $93 a barrel for the first time this year, as expectations of a tighter supply outlook for the rest of 2023 overshadowed concerns over weaker economic growth and rising U.S. inventories.
The latest figures by the Organization of Petroleum Exporting Countries (OPEC) indicate that Iranian oil prices increased by an average of $6.1 per barrel in August.
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